Bharti Airtel, Tata Steel among top gainers, losers today; check full list
Domestic equity benchmarks Sensex and Nifty settled higher for the fourth consecutive session on Wednesday, September 6, supported by gains in shares of select heavyweights, including HDFC Bank and Bharti Airtel.
However, weak global cues curtailed gains for them as concerns over interest rate hikes and weakening global economic growth weighs on market sentiment. In Asian markets, Tokyo, Shanghai and Hong Kong ended in the green while Seoul settled lower. European equity markets were trading lower.
Sensex closed 100 points, or 0.15 per cent, higher at 65,880.52 while the Nifty50 closed the day at 19,611.05, up 36 points, or 0.18 per cent.
BSE Midcap index ended with a gain of 0.13 per cent at 32,122.06 after hitting its fresh record high of 32,182.66 during the session. The BSE Smallcap index ended in the red, snapping the winning streak of the last seven consecutive sessions. The index hit its fresh record high of 38,142.34 during the session, however, erased all gains to settle lower by 0.04 per cent at 37,948.61.
Metal stocks slid 0.79 per cent after data showed that China’s services activity expanded at the slowest pace in eight months in August, spurring concerns over growth in world’s second-largest economy.
The domestic market is taking comfort from India’s robust growth outlook and expectations of easing inflation in the coming months. However, rising crude oil prices and poor monsoon pose a risk to markets.
Oil prices rose a dollar a barrel on Tuesday leaping to a 1-month high-mark, after Saudi Arabia and Russia extended their voluntary supply cuts to the end of the year. Brent crude futures rose by $1.04, or 1.2 per cent, to settle at $90.04 a barrel, closing above the $90 mark.
Additionally, the Indian rupee depreciated 14 paise to hit a 10-month low level against the US dollar on Wednesday tracking losses in Asian peers and a sharp surge in crude oil prices. The Indian currency fell to 83.18 to the US dollar as against its previous close of 83.04. Rupee opened at 82.02 a dollar.
Commenting on today’s market performance, Vinod Nair, Head of Research at Geojit Financial Services said, “A spike in crude oil reverberated across the globe, reviving concerns about inflation and sparking fears of a Fed rate hike. This led to a surge in US bond yields, causing investors to shift towards the safety of bonds and reversing the buying trend of foreign investors in the domestic market.”
‘’Nevertheless, the resilience of the domestic markets shone through as investors placed their bets on an improved outlook, ultimately helping the market recover from the initial shock,” added Nair.
Here is the list of stocks which are the top gainers and losers during September 6th trading session:
Sensex:
Top gainers: Bharti Airtel (1.57%), HDFC Bank (1.36%), Titan Company (1.25%), ITC (1%), and UltraTech Cement (1%)
Top losers: Tata Steel (-1.67%), Axis Bank (-1.66%), NTPC (-1.15%), ICICI Bank (-1.13%), and IndusInd Bank (-1.13%)
Nifty50:
Top gainers: Tata Consumer Products (4.11%), Divi’s Laboratories (1.77%), Bharti Airtel (1.62%), HDFC Bank (1.53%), and Britannia Industries (1.44%)
Top losers: Tata Steel (-1.71%), Hindalco (-1.65%), Axis Bank (-1.48%), NTPC (-1.32%), and IndusInd Bank (-1.30%)
THIS COPY IS BEING UPDATED
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Updated: 06 Sep 2023, 04:21 PM IST
